Aleksender has been so popular in the present world.

Aleksender Barentsen and
Fabian Schar in this article introduces the cryptocurrency and mostly about the
bitcoin that has been so popular in the present world. According to the
article, bitcoin started, “under the pseudonym ‘Satoshi Nakamoto'” (p. 1). The
author presents motivation of bitcoin’s creator as, “to develop a cash-like
payment system that permitted electronic transactions but that also included
many of the advantageous characteristics of physical cash.” In the article,
many other monetary methods are shortly described like those of the cash
(physical), digital cash (nonphysical, absence of authority for book keeping),
electronic payment system (nonphysical, ledger maintained by legalized
authority like bank) and the Stone of Yep. According the author, bitcoin
resembles the stone of Yep and Yep is the island where large stones are used as
the method for exchange. Author defines bitcoin as, “a virtual monetary unit
and therefore has no physical representation” (p. 4). And bit chain is like a
ledger of bitcoin where we can view all the transection involved and made
public to anyone. So, the transaction in bit chain is transparent. For doing
anything related to bitcoin, one should have a software called bitcoin wallet.
One should have an account on it and that account holder can add the balance in
the account through the exchange of fiat currencies. Now here the author comes
with new title, ‘bitcoin mining’. According to the authors, bitcoin mining is
the work of “highly specialized hardware and access to cheap electricity” (p.
6). Bitcoin mining is the work of block candidates which is a troublesome
process to find hence results in “fierce competition in the world” (p. 7) for
bitcoin mining. Finding new block candidates that are generated every ten
minutes has a reward of certain bitcoin value which controls the monetary in
bitcoin mining. The author says, “The Bitcoin creators’ intention was to
develop a decentralized cash-like electronic payment system” (p. 14).  So according to the author, these cryptocurrencies
has some values in the world that should not be neglected rather it may bring
new future to the world.